A New York personal lines mutual insurer has secured an infusion of cash and recovered from insolvency by transforming itself into a stock company, regulators said.
The New York State Department of Insurance said Interboro Mutual Indemnity Insurance Company, in Mineola, N.Y., has emerged from three years of insolvency and subsequent rehabilitation.
According to the department, Interboro, the oldest insurance company serving Long Island, is now a solvent private company called Interboro Insurance Company, a writer of automobile and homeowners insurance.
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